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    Property profile & analytics

    85 Merritt Ave Merritt Island, FL 32953

    • Neighborhood centers
    • 97,500 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bella Sicilia Cafe / Restaurant

    Property Details for 85 Merritt Ave

    Property size
    97,500 SF
    Property type
    Neighborhood centers
    Property subtype
    Lifestyle centers

    Description

    Home Depot Plaza, located at 85-240 E Merritt Avenue, Merritt Island, FL 32953, presents a prime retail opportunity in Brevard County. This shopping center/strip center offers a total of 97,500 square feet of retail space, currently comprised of two suites. A significant portion of the property, totaling 7,865 square feet, is currently vacant and available for lease. Individual spaces range from a minimum of 2,400 square feet to a maximum contiguous space of 5,465 square feet, providing flexibility for various retail businesses. The property boasts abundant parking, ensuring convenient access for customers. The property's strategic location in Merritt Island, Florida, offers high visibility and accessibility, making it an ideal location for businesses seeking strong foot traffic and exposure. This is a multi-tenant property, providing a vibrant and diverse retail environment. The property type is retail, specifically a shopping center/strip center. Interested parties should inquire about lease terms and availability. The property is situated in a thriving commercial area of Brevard County, offering excellent potential for growth and success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.6946
    Latitude
    28.3614

    Comparable in this City

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      201 Crockett Blvd

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    • Value Estimation
      $935,000
      7,748 SF

      477 Courtenay Pkwy

      SHOPPING CENTER, STRIP CENTER • 7,748 SF
      477 Courtenay Pkwy, Merritt Island, FL 32953-3454
      View Details
    • Value Estimation by Request
      3,836 SF

      5999 Courtenay Pkwysfr

      SHOPPING CENTER, STRIP CENTER • 3,836 SF
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    • Value Estimation by Request
      1,710 SF

      233 Courtenay Pkwy

      SHOPPING CENTER, STRIP CENTER • 1,710 SF
      233 Courtenay Pkwy, Merritt Island, FL 32953-3407
      View Details
    • Value Estimation by Request
      2,772 SF

      125 Venetian Way

      SHOPPING CENTER, STRIP CENTER • 2,772 SF
      125 Venetian Way, Merritt Island, FL 32953-4144
      View Details

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      Merritt Island Retail Opportunity

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    Similar Nearby for Lease

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      97,500 SF

      Merritt Island Retail Plaza

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      85 Merritt Ave, Merritt Island, FL 32953
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    • $17 SF/Yr
      17,258 SF

      Merritt Island Retail Space

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      Merritt Island Renovated Office Space

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    85 Merritt Ave
    Merritt Island, FL 32953
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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